922 E Shawnee St · Freeport, IL 61032

$75,000

3 bd · 1.0 ba · 1,562 sqft · Other · 41 Days on market

Built 1900 0.25 ac lot $48/sqft · 54% above area ↓ 12% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Filled with character, warmth, and natural light, this charming circa-1900 brick home blends historic details with thoughtful modern updates. Arched openings, tall windows, exposed dining room beams, and spacious rooms give the home a welcoming feel throughout. Numerous updates have been completed within the last four years, including a high-efficiency gas furnace, new light fixtures, freshened up kitchen and pantry, first floor laundry with newer washer, refinished hardwood floors, freshly painted with updated finishes, and a bathroom remodel featuring a deep soaking tub. The custom upstairs window seat adds both charm and functionality, creating a cozy space to relax and unwind. The funct

Key facts

• First floor laundry
• Bathroom remodel
• Deep soaking tub

Tags

• HIGH EFFICIENCY GAS FURNACE
• FIRST FLOOR LAUNDRY
• REFINISHED HARDWOOD FLOORS
• BATHROOM REMODEL
• DEEP SOAKING TUB
• CUSTOM UPSTAIRS WINDOW SEAT

Property features AI

Finance

• HOA & community: No master association fee required

Exterior

• Parking: Two parking spaces; Gravel off-street parking; Owned parking
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Detached single-family home; Two stories; Fee simple ownership; Originally built more than 100 years ago; Asphalt roof; Brick construction
• Construction: Brick exterior; Asphalt roof; Unfinished/partial basement (crawl space)
• Exterior features: Front porch; Lot dimensions approximately 60 x 182

Interior

• Kitchen: Kitchen with walk-in pantry (11 x 13); Range; Dishwasher; Refrigerator; Disposal
• Bedrooms: Three bedrooms total; Master bedroom on second floor (13 x 14); Second bedroom on second floor (12 x 12); Third bedroom on second floor (8 x 14)
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Six total rooms; Separate dining room; Unfinished/partial basement with crawl space
• Laundry & utility: Main-floor laundry room (11 x 5); Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 5.8% in Freeport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Center Elem School (math 27% / reading 27%, grade F, #749 of 2,056 statewide, top 40%, 248 students, 0% FRL); Freeport Middle School (math 6% / reading 7%, grade F, #632 of 665 statewide, top 95%, 485 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 206 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.83% ✓
• Cap rate: 15.60%
• Cash-on-cash: 33.22%
• DSCR: 2.48
• GRM: 4.6

CMA / ARV

• ARV (median comp): $48,825
• List price: $75,000
• Delta: 53.61%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 1.99×
• Total profit: $20,696
• Equity at exit: $11,183

10-year hold

• IRR: 31.8%
• Equity multiple: 3.88×
• Total profit: $60,465
• Equity at exit: $6,485

Cash invested: $21,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 61032

• Home prices YoY: -19.5%
• Active inventory: 206
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,373 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$79 /mo · $943/yr
• Insurance: −$31
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $515

Break-even live

Break-even rent $721

Max offer price $75,000

Occupancy floor 57%

Sensitivity live

Price	-10% $557	-5% $536	+0% $515	+5% $494	+10% $472
Rent	-10% $406	-5% $461	+0% $515	+5% $569	+10% $623
Rate	-1.0pp $553	-0.5pp $534	base $515	+0.5pp $496	+1.0pp $476

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	45d	1	0.88mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	45d	1	1.25mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	45d	1	1.36mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	45d	1	1.40mi

Listing history 31 events

1. 2026-06-21
   days on market $75,000 Active 41 DOM
2. 2026-06-21
   days on market $75,000 Active 40 DOM
3. 2026-06-18
   days on market $75,000 Active 38 DOM
4. 2026-06-17
   price $75,000 Active 37 DOM
5. 2026-06-17
   days on market $79,900 Active 37 DOM
6. 2026-06-16
   days on market $79,900 Active 36 DOM
7. 2026-06-15
   days on market $79,900 Active 35 DOM
8. 2026-06-13
   days on market $79,900 Active 33 DOM
9. 2026-06-12
   days on market $79,900 Active 32 DOM
10. 2026-06-09
    days on market $79,900 Active 29 DOM
11. 2026-06-08
    days on market $79,900 Active 28 DOM
12. 2026-06-07
    days on market $79,900 Active 27 DOM
13. 2026-06-07
    pricedays on market $79,900 Active 26 DOM
14. 2026-06-04
    days on market $85,000 Active 23 DOM
15. 2026-06-02
    statusdays on market $85,000 Active 22 DOM
16. 2026-06-01
    days on market $85,000 Contingent - Continue to Show 21 DOM
17. 2026-05-31
    days on market $85,000 Contingent - Continue to Show 20 DOM
18. 2026-05-31
    days on market $85,000 Contingent - Continue to Show 19 DOM
19. 2026-05-11
    listed $85,000 Active 1490-char remark
20. 2017-09-06
    status Pending
21. 2017-08-22
    price
22. 2017-08-22
    status Reactivated
23. 2017-06-20
    status Pending
24. 2017-06-17
    price
25. 2017-05-19
    price
26. 2017-02-11
    price
27. 2017-01-14
    listed New
28. 2016-05-15
    historical
29. 2016-04-15
    listed
30. 2012-01-10
    historical
31. 2011-04-08
    listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $943 · $79/mo
• Projected year-2 tax: $1,323 · $110/mo
• Expected delta: +$380/yr (+$32/mo · 40.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,474
• − Mortgage interest: −$4,201
• − Property taxes: −$943
• − Insurance: −$1,172
• − Repairs & maintenance: −$1,318
• − Management: −$1,318
• − Depreciation: −$2,182
• Taxable income: $5,340
• Est. tax owed @ 24.0%: −$1,282
• After-tax cash flow: $4,898/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

Amenities C Commute F Cost of living A+ Crime C Employment F Housing A- Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

-11.8% since first listed

17 events — show timeline

• 2026-06-17 Price Changed $75,000 MRED as Distributed by MLS Grid
• 2026-06-04 Price Changed $79,900 MRED as Distributed by MLS Grid
• 2026-06-02 Relisted — MRED as Distributed by MLS Grid
• 2026-05-28 Contingent — MRED as Distributed by MLS Grid
• 2026-05-11 Listed $85,000 MRED as Distributed by MLS Grid
• 2017-09-06 Pending — MRED as Distributed by MLS Grid
• 2017-08-22 Price Changed — MRED as Distributed by MLS Grid
• 2017-08-22 Relisted — MRED as Distributed by MLS Grid
• 2017-06-20 Pending — MRED as Distributed by MLS Grid
• 2017-06-17 Price Changed — MRED as Distributed by MLS Grid
• 2017-05-19 Price Changed — MRED as Distributed by MLS Grid
• 2017-02-11 Price Changed — MRED as Distributed by MLS Grid
• 2017-01-14 Listed — MRED as Distributed by MLS Grid
• 2016-05-15 Listing Removed — MRED as Distributed by MLS Grid
• 2016-04-15 Listed — MRED as Distributed by MLS Grid
• 2012-01-10 Listing Removed — MRED as Distributed by MLS Grid
• 2011-04-08 Listed — MRED as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2024): $943 · +18.7% YoY. Source: county tax records.